CAD/JPY ââ,¬â€œ CAD/JPY continues to trade within a symmetrical triangle that began in early December 2005.  The pair has recouped a portion of losses following last Mondayââ,¬â"¢s rapid decline to 100.50 and has failed to even test the supporting trendline of the symmetrical triangle, which is indicative of recent CAD strength.  Trading within a consolidation pattern requires a range trading technique and thus oscillators are helpful.  Daily oscillators are slightly bullish with RSI rising and above 50 but not yet overextended and 21 day stochastic currently forming a positive cross.  Support stems from the 38.2% fibo of 99.28-103.72 at 102.03 with a break below targeting the 61.8% fibo at 100.99.  Initial resistance is suggested by the 76.4% fibo of 105.01-97.09 at 103.12.

CHF/JPY ââ,¬â€œ CHF/JPY broke the previous 3 weekââ,¬â"¢s lows last week before reversing at its lower Bollinger band and actually gaining for the week.  The long wick on last weekââ,¬â"¢s weekly suggests that strong support exists at and around 90.00 (last weekââ,¬â"¢s low was 89.82).  CHF/JPY oscillator action is similar to that of CAD/JPY.  Resistance exists from the 2/3 high at 92.20 with a break above exposing the 4/19 high of 92.72.  A contra move of this weekââ,¬â"¢s strength encounters support at yesterdayââ,¬â"¢s low of 91.15.  In fact, the hourly chart shows a head and shoulders reversal pattern, albeit somewhat discombobulated, but still a bearish pattern.

NZD/JPY ââ,¬â€œ Kiwi and JPY have traded blows the past week, trading in a 71.47-72.76 range.  Daily oscillators are slightly bearish as RSI is sub-50 and MACD remains below 0.  Bolstering the bearish outlook though is a head and shoulders continuation pattern.  The neckline intersects at around 71.70 of which a break could see an assault on the 3/28 low of 70.47.  Additional range trading could test resistance at the confluence of the 38.2% fibo of 74.68-71.46 / 4/27 high at 72.69/76.  Additional strength targets the 50% fibo just above the psychological 73.00 figure at 73.06.

Jamie Saettele is a Technical Currency Analyst for FXCM.